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You already know Social Security is a key part of your income. But when and how you claim your benefits can make a big difference in your monthly check and your long-term security. Here are clear, practical tips-straight from the experts-to help you make the best choice for your needs.
1. Working? Timing Matters
If you’re still working before your Full Retirement Age (FRA), waiting to claim can help you avoid having your benefits reduced by the earnings test.
If you’re not working and need the money now, claiming as early as 62 is an option-but your monthly benefit will be smaller.
2. Health and Life Expectancy
If you’re in poor health or have a shorter family life expectancy, claiming earlier might make sense.
If you expect to live past your late 70s or 80s, waiting until FRA or even 70 can mean a bigger lifetime payout.
3. Married? Coordinate for More
Often, the lower earner claims early while the higher earner waits, so the survivor benefit is maximized.
Widows and Widowers: You can claim survivor benefits as early as 60, then switch to your own benefit at 70 if it’s higher.
4. Watch Out for Taxes and Medicare Costs
If your income is above certain levels, up to 85% of your Social Security may be taxed.
Higher income can also mean higher Medicare premiums (IRMAA). Delaying Social Security can help keep these costs down.
5. Special Situations
Planning Roth conversions? Delaying Social Security may lower your taxes.
Retiring before 65? Make sure you have health insurance until Medicare kicks in. Your Full Retirement Age (FRA) determines your benefit amount. If you were born in 1960 or later, your FRA is 67. Claiming before this age reduces your benefits, while waiting until age 70 can increase them significantly.
Real Life Examples
John, 62, with health issues: Claimed early to use the money while he could enjoy it.
Sarah and Michael, working couple: Michael claimed at FRA, Sarah waited until 70, boosting their survivor benefit.
Lisa, widow at 60: Claimed survivor benefits first, then switched to her own higher benefit at 70.
Your Next Steps
Think about your health, family history, and financial needs.
Talk to your spouse about coordinating your benefits.
Check your income to avoid tax surprises and higher Medicare costs.
Reach out to a benefits counselor or financial advisor for help with your unique situation.
You’ve earned these benefits-make them work for you!
Stay tuned for more tips in the next issue of The Insider from Benefits Insider.
This newsletter is for information only. Always double-check your options with a professional before making big decisions.
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